截至2025年8月31日，护肤日化行业A股上市公司已完成2025年半年报的披露，对此我们挑选了14家具有代表性的上市公司进行业绩比对分析。 从存货规模角度看，2025年上半年，护肤日化上市公司存货状况都有所改善，在我们所选的14家上市公司中，仅有6家上市公司存货规模有所增长，其中锦波生物的存货规模同比增幅最大。报告 在所选取的14日化护肤公司中，仅有嘉亨家化、青松股份、珀莱雅、上海家化、拉芳家化5家公司的存货周转天数低于90天，其他9家公司存货周转天数均超出了90天，其中华熙生物、锦波生物 除此之外，2025年上半年日化护肤行业上市存货周转效率指标变化并不容乐观。在所选取的14家日化护肤公司中，水羊股份、拉芳家化、上海家化、珀莱雅、嘉亨家化、青松股份6家公司存货周 值得关注的是，日化护肤产品都会有保质期限，存货周转天数过长，或说明公司产品从生产出来到出售需要较长时间，或存在产品滞销风险。 责任编辑：公司观察 出品：新浪财经上市公司研究院 作者：新消费主张/cici ...

出品：新浪财经上市公司研究院 在所选取的14日化护肤公司中，仅有嘉亨家化、青松股份、珀莱雅、上海家化、拉芳家化5家公司的存 货周转天数低于90天，其他9家公司存货周转天数均超出了90天，其中华熙生物、锦波生物、科思股 份、贝泰妮的存货周转天数更是超出了180天（约6个月），存货周转天数分别为331.61天、280.81天、 230.92天、195.78天。 除此之外，2025年上半年日化护肤行业上市存货周转效率指标变化并不容乐观。在所选取的14家日化护 肤公司中，水羊股份、拉芳家化、上海家化、珀莱雅、嘉亨家化、青松股份6家公司存货周转状况有所 改善，其余8家公司存货周转天数均不同程度变长，特别是存货周转天数超过半年的4家公司，据wind资 讯数据，华熙生物、锦波生物、科思股份、贝泰妮存货周转天数同比增长依旧较大，分别同比增长 13.34%、15.66%、115.83%、0.54%。 | | 日化护肤上市公司2025年H1存货周转天数 2024年H1 | 2025年H1 | 同比货动 | | --- | --- | --- | --- | | 华视频 | 292.59 | 331.61 | 13.34% | | ...

Core Insights - The 67th China (Shanghai) International Beauty Expo successfully showcased the vitality and potential of the beauty industry, emphasizing resilience, innovation, and intelligence in development [1][2] Group 1: Event Overview - The expo covered an exhibition area of 150,000 square meters, featuring over 1,800 exhibitors from more than 68 countries and regions, displaying over 10,000 selected product categories [2] - The event attracted significant foot traffic and facilitated vibrant business exchanges, highlighting the robust market activity within the beauty sector [2] Group 2: Global Expansion - The expo aimed to build a new ecosystem for diverse cooperation in the beauty industry, establishing an efficient global communication platform for sourcing and sales [3] - It gathered professional buyers from various channels, including traditional retailers and new e-commerce trends, showcasing international exhibitors from countries like South Korea, Japan, the USA, and Canada [3] - Plans for 2025 include the addition of the "Indonesia International Beauty Expo" and "Vietnam International Beauty Expo," supporting Chinese beauty brands in expanding overseas [3] Group 3: Industry Innovation - The expo focused on industry logic, uniting upstream and downstream brand forces, with new products covering multiple fields, enhancing brand competitiveness and driving technological upgrades [4] - AI technology in beauty attracted attention, while several medical beauty brands accelerated their entry into the daily skincare market [4] - The event highlighted the "Matthew Effect" in the daily chemical sector, with leading brands leveraging resources to enter professional channels [4] Group 4: Future Trends - The expo outlined a development blueprint for the beauty industry through a systematic approach of summits, activities, and special exhibitions, providing forward-looking insights [5] - Over 50 special events were held during the expo, covering topics such as beauty, health, and e-commerce, enhancing the industry's outreach and impact [5] - The event featured 15+ themed exhibition areas, showcasing innovations in professional technology, AI applications, and cross-industry segments [5] Group 5: Looking Ahead - The beauty expo is set to embark on a new journey, focusing on domestic demand and actively exploring new growth areas for Chinese beauty brands [6] - The next edition, the 68th China (Guangzhou) International Beauty Expo, is scheduled for September 4-6, 2025, in Guangzhou [6]